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THE WALL STREET JOURNAL: Cnooc outbids rivals for stake in gas stations

February 15, 2006; Page B12
BEIJING, China — China National Offshore Oil Corp. beat four rivals, including multinational heavyweights BP PLC and Royal Dutch Shell PLC, to acquire a stake in a chain of gasoline stations in Shanghai.
Cnooc, the state-owned parent company of Hong Kong-listed Cnooc Ltd., bought a stake of more than 50% in private fuel-distribution company Shanghai Xingcheng Oil Co., a Cnooc official said. Cnooc also outbid domestic competitors China Petroleum & Chemical Corp., known as Sinopec, and PetroChina Co. to buy Xingcheng's 22 gasoline stations and several oil tanks.
The Cnooc official didn't give details, and representatives of Xingcheng weren't available for comment. The purchase strengthens Cnooc's presence in oil-products refining and retailing in China. The company is China's largest offshore oil producer by volume, but has a very limited presence in refining and retailing gasoline in China.
Write to Renya Peng at [email protected]

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